Intraday price gaps in a market that never closes

[Amanhasnoname]

Gaps are associated with weekends, but they appear within the day too. A sudden announcement, a liquidity void, or a feed interruption can produce a jump with no trades in between.

Most commonly, these gaps show up around news and in thin periods, such as the rollover window. A pair can move several pips between two ticks, with nothing in between to trade.

For scalpers, they matter because stops and limits do not work like a continuous path. A stop at 1.0850 does not get filled at 1.0850 when price jumps from 1.0852 to 1.0840. The fill is at the first available quote, or a worse one.

Entries have similar issues. A limit order might be skipped, with price passing through without filling, because the quotes never printed at that level.

Thinking of price as a series of discrete quotes, not a smooth line, helps with risk planning. The worst case is always worse than the stop distance.

How often do intraday gaps show up on the pairs and sessions you trade?